week 7

Question 1

Consumer Market

Answer 1

all the individuals and household who buys goods and services for PERSONAL CONSUMPTION

Question 2

Business Market

Answer 2

all organization that buys goods and services for USE IN PRODUCTION OR RESELL AND RENT A PROFIT

Question 3

Types of Consumer Market

Answer 3

B2B
Professional Services
Industrial Sales
B2C
Consumer Products
Food and beverages

Question 4

Marketing

Answer 4

Marketing plays an important role in consumer markets by influencing customers’ preferences and purchasing decisions. Brand loyalty of consumer plays a significant role in consumer markets.

Question 5

Characteristics of consumer market

Answer 5

demographics characteristics
psychographic characteristics
behavioral characteristics
geographic characteristics

Question 6

Consumer buying decision making

Question 7

Business Market

Answer 7

Business market or also name B2B or Business to Business refers to all those organizations that purchase goods and/or services for the purpose of utilization in the manufacturing of other products or services. The wholesaling & retailing firms are also included in the category of the business market.

Question 8

Market Structure and Demand

Answer 8

There are relatively large types of business buyers. It should also be noted that demand for the business markets and business products also tends to fluctuate, which only implies that the demand for business market products can change relatively more quickly than the demand for consumer goods or services.

Question 9

Nature of Buying Unit

Answer 9

Participants in the business purchase tend to buy more and there are more participants. On the other hand, participants in the consumer purchase are often less.

Question 10

Decision Process

Answer 10

The decisions revolving around the business market are somewhat more complex than decisions made by the consumer markets. This is primarily because of the intensive process that involves technical and economic considerations.

Question 11

Industrial Market

Answer 11

Industrial markets are typically defined by the sale of industrial or production products, goods, and services to other business industries. These are raw materials like steel, glass, wood, etc.

Question 12

Financial Services

Answer 12

Financial services can include banking, insurance, commercial credit and lending, tax planning, investments etc. an

Question 13

Governments Market

Answer 13

In most countries, government
organizations are major buyers of goods and services.